For Week Ending September 17, 2016

As temperatures start to cool throughout the country, the total number of home sales will cool as well, as is the seasonal nature of the housing market. But with household incomes on the rise within a healthy job market, that doesn’t necessarily equate to a downward year-over-year trend. Continuing supply restrictions will certainly have an effect on numbers that may otherwise obviously point toward sunny day real estate.

In the Twin Cities region, for the week ending September 17:

• New Listings decreased 0.9% to 1,603
• Pending Sales decreased 1.5% to 1,079
• Inventory decreased 17.3% to 14,177

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 21.6% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 10, 2016

During a point in time when record-low mortgage rates should be coercing new home buyers into the market, many potential first-time buyers are seemingly not able to afford what is on the market. As labor costs and demand grow, and as a construction labor shortage continues, builders tend toward building more expensive homes, creating a tight supply of entry-level homes. Not all situations match this scenario, but it is certainly an interesting time in the residential real estate marketplace.

In the Twin Cities region, for the week ending September 10:

• New Listings increased 11.0% to 1,722
• Pending Sales decreased 2.0% to 954
• Inventory decreased 17.4% to 14,011

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 24.3% to 2.8

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending September 3, 2016

Most market trends have been steadily the same for the bulk of 2016, and there’s not much reason to expect a change as we enter the last several months of the year. We have witnessed an overall drop in the number of days a home is on the market before sale, that sale price is generally higher than it used to be and there are fewer homes for sale. The one area of interest that we will be watching will be total sales being made. As the drop in inventory continues, it stands to reason that there will be fewer sales, but that has yet to consistently be the case.

In the Twin Cities region, for the week ending September 3:

• New Listings decreased 8.6% to 1,314
• Pending Sales decreased 6.9% to 1,114
• Inventory decreased 16.7% to 14,295

For the month of August:

• Median Sales Price increased 5.6% to $237,500
• Days on Market decreased 14.1% to 55
• Percent of Original List Price Received increased 0.8% to 97.9%
• Months Supply of Inventory decreased 24.3% to 2.8

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 27, 2016

If residential real estate were a wager to close out the summer golf season, prospective buyers would still be waiting impatiently for prospective sellers to take the putt on the final hole. Yet inventory continues to shrink, as summer vacations end and kids return to school. If the taken putt were to somehow land in the cup and increase inventory, a legendary celebration would occur that might even make a golf course gopher dance.

In the Twin Cities region, for the week ending August 27:

• New Listings decreased 8.0% to 1,411
• Pending Sales increased 0.3% to 1,174
• Inventory decreased 17.0% to 14,454

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 20, 2016

While existing home sales have recently been down, new home sales are picking up across the nation, which, in turn, has coaxed an upward trend in building activity. Buyers are still showing a willingness to pay higher prices, and there are signs that many new homes being built are smaller starter homes, perfect for young adults entering the market.

In the Twin Cities region, for the week ending August 20:

• New Listings increased 5.6% to 1,575
• Pending Sales increased 2.0% to 1,251
• Inventory decreased 17.3% to 14,559

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 13, 2016

Residential construction, builder confidence and housing starts have all been up in recent months, creating a triple dose of good news as the country begins the inevitable home sales slowdown following the busy spring and summer seasons. The news creates hope that buyer traffic could maintain at a sufficient level over the last several months of the year.

In the Twin Cities region, for the week ending August 13:

• New Listings decreased 5.5% to 1,651
• Pending Sales decreased 2.8% to 1,229
• Inventory decreased 17.3% to 14,521

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending August 6, 2016

Housing markets across the nation have mostly reached full recovery and are even approaching or achieving categorical highs in sales and prices, yet builders are still focusing on higher-end homes over starter homes in order to combat high land and building permit costs. Until there is more entry-level inventory on the market, sustainable balance will be difficult.

In the Twin Cities region, for the week ending August 6:

• New Listings increased 2.3% to 1,795
• Pending Sales decreased 1.9% to 1,258
• Inventory decreased 17.7% to 14,495

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 14.3% to 54
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 21.1% to 3.0

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 30, 2016

It’s only August, but this time during summer usually means making plans for changes ahead, especially the start of a new school year. For potential home buyers with school-aged children, these are the pivotal days for deciding whether or not to purchase or wait. With inventory as low as it is, we are in a place where big moves will be made or saved for later, and sales figures will reflect as much.

In the Twin Cities region, for the week ending July 30:

• New Listings increased 3.3% to 1,723
• Pending Sales decreased 4.6% to 1,289
• Inventory decreased 18.0% to 14,588

For the month of July:

• Median Sales Price increased 6.6% to $239,900
• Days on Market decreased 15.9% to 53
• Percent of Original List Price Received increased 0.8% to 98.4%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 23, 2016

Homes are selling faster now than they have in the past six to seven years, resulting in the need for buyers to move quickly on a home purchase. Although high prices usually encourage more sellers to come forth, people have proven hesitant to put their homes on the market due to concerns about being able to find their own new and reasonably priced home.

In the Twin Cities region, for the week ending July 23:

• New Listings increased 1.3% to 1,826
• Pending Sales decreased 4.6% to 1,298
• Inventory decreased 18.0% to 14,546

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 16.7% to 55
• Percent of Original List Price Received increased 1.0% to 98.7%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.

For Week Ending July 16, 2016

Tight credit seemed to be a factor in keeping new home construction down during the first half of 2016, but the situation is improving. June housing starts were up 4.8% from the month prior, as building recovers slowly from the housing bust. This is news we’re happy to report, especially when taking the continuing concern of high demand and low inventory into consideration.

In the Twin Cities region, for the week ending July 16:

• New Listings increased 8.0% to 1,896
• Pending Sales increased 10.6% to 1,332
• Inventory decreased 18.4% to 14,376

For the month of June:

• Median Sales Price increased 5.3% to $242,000
• Days on Market decreased 15.2% to 56
• Percent of Original List Price Received increased 0.9% to 98.6%
• Months Supply of Inventory decreased 23.7% to 2.9

All comparisons are to 2015

Click here for the full Weekly Market Activity Report. From The Skinny Blog.